Hello,
The MC 1.5.4 is a must! Older MC 1.5.x versions had a bug in a parameter list preventing it from reading MC 1.0.x projects properly. We had to fix it to proper order in the 1.5.4. This of course introduce incompatibility to projects made wth previous Betas but allows us to keep compatibility to wide range of old and future projects containing MC.
Regards,
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Mateusz Wozniak
PSPaudioware.com